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Wills 101

What If My Debts Exceed My Assets?

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  • In general, only your estate is liable for the debt. Your surviving family members and heirs are not liable unless they have personally taken on the debt. For instance, if an heir is a co-signer or a guarantor on a loan, your death will not change their obligation to repay it. There may also be liability if you were provided necessities such as food or clothing.
  • While there is no obligation to do so, your heirs can work out an informal agreement with all your creditors.
  • If there is no informal agreement with creditors, it will be up to a court rather than your heirs to determine which creditor gets paid and in what priority.

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